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Britain’s accounting watchdog has sounded the alarm over the military’s spending plans, warning the MoD’s ability to pay for kit and maintenance is “at the highest risk ever”.

The National Audit Office’s analysis of the MoD’s £178bn spending plans for 2016 to 2026 - which include projects such as the F-35 fighter, Dreadnought nuclear submarines and P-8 Poseidon spyplanes - warns of a series of concerns on the already stretched defence budget.

Key worries highlighted by the watchdog include the military’s £10.7bn contingency fund set aside to meet emerging risks over the next decade. The NAO found that this entire reserve has to be used to hit existing plans. This would mean no money to tackle...